Insurance Ordinance

(1)
The Authority may present a petition for a licensed insurance intermediary, other than a licensed insurance intermediary which is an authorized institution, to be wound up in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance (
Cap. 32
)
if—
(a)
the intermediary is a company which may be wound up by the Court of First Instance under that Ordinance; and
(b)
the Authority considers that it is in the public interest that the intermediary should be wound up.
(2)
However, the Authority may not present a petition under subsection (1) for a licensed insurance intermediary to be wound up if the intermediary is already being wound up by the Court of First Instance.
(3)
The Authority may present a petition for any of the following persons to be declared bankrupt if the Authority considers that it is in the public interest that the person should be made
bankrupt—
(a)
an individual who is a licensed insurance intermediary;
(b)
any of the partners of a partnership which is a licensed insurance intermediary.